President Obama launches aggressive economic stimulus campaign

President Obama launches aggressive economic stimulus campaign

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Although Congress will likely hold up any attempt by President Barack Obama to pass his jobs bill, he may find another route to get some of his goals accomplished. Obama is ready to launch a new initiative aimed at helping homeowners and college students, The New York Times reports.

Espousing the slogan "We can't wait," Obama is ready to create a series of executive orders that will help alleviate the financial burdens on some of the hardest-hit Americans. Among them, he is going to create a federal program that will allow homeowners to refinance their houses so that they avoid foreclosure. Additionally, he is expected to announce a program on Wednesday that will make it easier for college students to repay their loans.

The move is another bold step by Obama as he tried to pressure Republicans to pass parts of his extensive job-creation bill he laid out earlier this fall. According to the Times, recent polls have shown that there is far-reaching support for portions of Obama's $447 piece of legislation, but GOP members in Congress have balked at his proposal for a modest tax hike on the wealthiest Americans. Analysts warn that without some sort of stimulus package, the economy might slip into another recession.

"The only way we can truly attack our economic challenges is with bold, bipartisan action in Congress," Dan Pfeiffer, Mr. Obama's communications director, told the publication. "The president will continue to pressure Congressional Republicans to put country before party and pass the American Jobs Act, but he believes we cannot wait, so he will act where they won't."

Despite firm opposition, Democrats in the Senate (where they still hold a slight majority) are gearing up to push another bill through. They expect to vote on a $60 billion piece of legislation that is aimed at creating jobs through building highways, railways and airports.